(TheNewswire)
Vancouver, BritishColumbia - TheNewswire - August 29, 2023 - Majestic GoldCorp. (“ Majestic ” or the “ Company ”) (TSX.V:MJS) reports its financial andoperational results for the six months ended June 30, 2023. Thefollowing financial results are expressed in US dollars unlessotherwise stated.
Six months ended June 30, 2023
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Gold production was 16,575ounces, compared to 19,864 ounces produced for the FY2022 comparativeperiod
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Revenue was $28.6 million,compared to $34.5 million for the FY2022 comparative period
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Gross profit from miningoperations was $13.6 million, compared to $19.1 million forthe FY2022 comparativeperiod
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Net income was $7.3 million,compared to $11.3 million for the FY2022 comparative period
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Cash flow from operating activities, excluding changesin non-cash working capital was $13.4 million,compared to $18.7 million for the FY2022 comparative period Forcomputation details, refer to pages 13-15 of the MDA for this Non-IFRSfinancial measure;
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Strong financial position at June 30, 2023. The Company had cashand short-term investments of $60.5 million (December 31, 2022 - $52.7million) and working capital of $41.1 million (December 31, 2022 -$36.4 million);
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Total cash costs and all-in sustainingcosts (“AISC”) for the six-month period ended June 30, 2023,were $774 per ounce and $886 per ounce, compared to $654 per ounce and$743 per ounce for the FY2022 comparative period . For AISCcomputation details, refer to pages 13-15 of the MDA for this Non-IFRSfinancial measure;
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Adjusted EBITDA for the six-month period ended June 30, 2023, was $14.2 million,compared to $20 million for the FY2022 comparative period . For EBITDA computation details,refer to pages 13-15 of the MDA for this Non-IFRS financial measure;an
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On May 22, 2023, the Company’s subsidiaryPersistence Resources Group Ltd (“PRG”), filed its renewalapplication to the Stock Exchange of Hong Kong Limited (the“HKEX”) for listing of its shares on the Main Board of the HKEX.PRG, together with its sponsor and legal advisors continue progressingthrough the HKEX listing application process and are responding toqueries from both the HKEX and Hong Kong Securities and FuturesCommission to complete the proposed initial public offering of theshares of Persistence. The HKEX renewal application document can befound at www.majesticgold.com/investors/hkex-application .
Three months ended June 30, | Six months ended June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Operating data | ||||||||
Gold produced (ozs) | 8,448 | 9,793 | 16,575 | 19,864 | ||||
Gold realized net of smelting fees (ozs) | 7,776 | 8,973 | 15,191 | 18,141 | ||||
Gold sold (ozs) | 7,622 | 9,082 | 15,051 | 18,267 | ||||
Average realized gold price ($/oz sold) | $ | 1,891 | $ | 1,810 | $ | 1,875 | $ | 1,829 |
Total cash costs ($/oz sold) (1) | 817 | 648 | 774 | 654 | ||||
Total production costs ($/oz sold) (1) | 1,058 | 854 | 995 | 842 | ||||
All-in sustaining costs ($/oz sold) (1) | 926 | 723 | 886 | 743 | ||||
Financial data | ||||||||
Total revenues | $ | 14,591,796 | $ | 17,092,248 | $ | 28,559,624 | $ | 34,457,671 |
Gross profit (2) | 6,527,144 | 9,336,951 | 13,577,421 | 19,079,306 | ||||
Adjusted EBITDA (1) | 6,739,066 | 10,058,573 | 14,216,727 | 19,981,787 | ||||
Net income | 3,263,943 | 5,844,799 | 7,292,305 | 11,262,659 | ||||
Net income attributable to shareholders | 2,053,805 | 4,024,964 | 4,710,055 | 7,502,416 | ||||
Basic and diluted gain per share | 0.00 | 0.00 | 0.00 | 0.01 | ||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Balance Sheet | ||||||||
Cash | $ | 50,716,589 | $ | 45,362,546 | ||||
Total assets | 146,193,210 | 139,605,949 | ||||||
Total current liabilities | 23,408,721 | 21,059,237 |
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See “Additional Financial Measures” in theCompany’s MDA on pages 13-15.
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“Gross profit” represents total revenues, net ofcost of goods sold.
About Majestic Gold
Currently focused inChina, Majestic Gold Corp. is a British Columbia based company engagedin commercial gold production at the Songjiagou Gold Mine in easternShandong Province, China, with exploration properties located inAustralia, China and Canada. Additional information on the Company andits projects is available at www.sedarplus.ca and on theCompany’s website at www.majesticgold.com .
For further information, please contact:
Stephen Kenwood, P.Geo. , President and CEO
Telephone: (604) 560-9060
Email: info@majesticgold.com
Website: www.majesticgold.com
Cautionary Notes
Certain statements contained herein may constituteforward?looking statements and are made pursuant to the "safeharbor" provisions of the United States Private SecuritiesLitigation Reform Act of 1995 and Canadian securities laws.Forward?looking statements are statements which relate to futureevents. Such statements include estimates, forecasts and statements asto management's expectations with respect to, among other things,business and financial prospects, financial multiples and accretionestimates, future trends, plans, strategies, objectives andexpectations, including with respect to production, explorationdrilling, reserves and resources, exploitation activities and eventsor future operations. Information inferred from the interpretation ofdrilling results and information concerning mineral resource estimatesmay also be deemed to be forward-looking statements, as it constitutesa prediction of what might be found to be present when, and if, aproject is actually developed.
In some cases, you can identify forward?lookingstatements by terminology such as "may", "should","expects", "plans, "anticipates",believes", "estimates", "predicts","potential", or "continue" or the negative ofthese terms or other comparable terminology. These statements are onlypredictions and involve known and unknown risks, uncertainties andother factors that may cause our or our industry's actual results,level of activity, performance or achievements to be materiallydifferent from any future results, levels of activity, performance, orachievements expressed or implied by these forward?lookingstatements.
While these forward?looking statements, and anyassumptions upon which they are based, are made in good faith andreflect our current judgment regarding the direction of our business,actual results will almost always vary, sometimes materially, from anyestimates, predictions, projections, assumptions or other futureperformance suggestions herein. Except as required by applicable law,Majestic Gold does not intend to update any forward?lookingstatements to conform these statements to actual results
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